Posts Tagged ‘gm bonuses’

GM Chairman and CEO Akerson won't be able to cash out for several years.

General Motors Chairman Dan Akerson is getting a big payday – though he won’t be able to cash the check for a couple of years.

Akerson, who also serves as GM’s chief executive has been awarded 76,249 shares of restricted stock, according to paperwork the maker has filed with the federal government –which still owns about a third of GM’s stock and has oversight on pay issues for the company’s top executives.

Based on the recent price range for GM stock that would work out to somewhere around $2 million — $1.94 million, to be precise, based on what the shares closed at on Monday. But if GM stock comes close to the $33 it commanded when the maker held its November 2010 IPO that would add more than $500,000 to the payout.

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Akerson will have time to wait and see, as he cannot cash in for several more years. He can convert two-thirds of the award to common stock on March 15, 2014 and the rest a year later. And he will have to remain a continuous GM employee for the duration or risk losing his stock bonus.

GM CEO Akerson sending a kiss - and more than $4,000 in cash - to hourly workers.

General Motors CEO Dan Akerson has a big Valentine’s Day card coming in the mail for 45,000 workers.

Though they’ll still have to wait a bit for delivery, they can anticipate a profit-sharing bonus of at least $4,000 apiece, the executive announced today. That’s more than double the previous record $1,775 profit-sharing payment workers received from GM – and that was back in 1999.

But the maker’s bonus still falls short of the $5,000 Ford Motor Co.’s hourly workers will be getting. Ford decided to pay out significantly more than it was required to, in fact, under its agreement with the United Auto Workers Union.

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That reflects concerns Detroit automakers have about how workers will respond to the domestic industry’s fast-improvement health. UAW members granted billions of dollars in concessions, first as part of their 2007 contracts with the U.S. Big Three, and then again to help the makers hobble through the economic downturn that saw auto sales plunge to their lowest levels in decades.

Workers on and off Detroit's assembly lines will be seeing bonuses this year.

Chrysler Group and General Motors are using bonuses to reward salaried employees who survived the long, bitter recession.

Almost 11,000 salaried workers at Chrysler will receive an average bonus of $10,000, according to various reports. But the planned handout may touch off a rift in the company’s ranks, according to employees familiar with the plans, who indicate many employees believe the rewards are inherently unfair and biased against blue-collar workers.

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Meanwhile, GM’s 26,000 white-collar workers will also see performance bonuses this year, the automaker has acknowledged. While GM hasn’t released its final financial report for 2010, the maker also appears to pay its 53,000 U.S. unionized hourly employees profit-sharing checks amounting to $3,000.